During the course of investigation of the FIR in respect of theft of Coal and illegal excavation being done by the criminal elements in the leasehold area of ECL, a large number of vehicles/ equipment’s used in the illegal coal mining and its transportation were seized.
Punjab and Haryana High Court held that interest under section 234B and 234C of the Income Tax Act cannot be waived as depositing advance tax has nothing to do with seizure of the books of accounts.
ITAT Bangalore held that the co-operative societies providing credit facilities to its members is entitled to deduction u/s 80P(2)(a)(i) of the Income Tax Act. Thus, income earned on account of providing credit facilities is allowable as deduction u/s. 80P(2)(a)(i).
ITAT Delhi held that cess fees received by the board is income derived from property held under trust and is thus taxable and the same cannot be treated as capital receipt.
The CIT(A) after examining the issue deleted the addition. No document controverting findings of the CIT(A) are brought on record by the Revenue. We find no infirmity in findings of the CIT(A)on this issue. Hence, the same are upheld.
Madras High Court held that issuance of order without providing an opportunity of personal hearing is against the principles of natural justice and accordingly the order is liable to be set aside.
Punjab and Haryana High Court held that benefit of section 12AA of the Income Tax Act cannot be denied to the institute that is duly registered as educational trust and earning in utilised for the purpose of advancement of education.
Delhi High Court held that the petitioner is not entitled for release of gold bars as SCN was duly served through e-mail within a period of six months as provided under section 110(2) of Customs Act, 1962.
IFSCA seeks stakeholder feedback on guidelines for cybersecurity and resilience for entities in GIFT IFSC, enhancing regulatory standards in financial services.
Export of Non-Basmati White Rice is now allowed, subject to a minimum export price of USD 490/tonne, under revised policy effective immediately.
